The day's market - November 27, 2007

Market Comments on yesterday's trading.
BusinessWorld - November 27, 2007

***..."support" should read as resistance. Yesterday, the 3500 level was a resistance. Today, it is a support.


Volatility still hounds the US equities market. With WallStreet suffering another huge drop, sentiment was negative upon the opening bell.

PSEi previous close - 3537.29 (November 26, 2007)

time-----------down-----------PSEi
9:31------------23.64---------3513.65

Advancers 1 Decliners 23

9:32------------25.19
9:33------------27.90
9:35------------27.35

It was a welcome surprise that the market has not yet gone down steeply

9:36------------30.12
9:37------------30.34--------3506.95 (the day's low)

Advancers 4 Decliners 42
PhP 42.999 vs US$ 1.00
The strength of the 3500 level as a support was tested.

9:38-----------25.92
9:39-----------28.86
9:44-----------24.55
9:52-----------23.67
10:02----------24.04
10:05----------20.18
10:07----------19.54
10:09----------18.87

PhP 42.981 vs US$ 1.00
The market holds and consolidates above the 3500 level.

10:13----------23.19
10:15----------26.56---------3510.73
10:22----------23.05

Trading in the second and thirdliner stocks somehow picked up.

10:30---------15.76
10:34---------14.37
10:35---------13.83
10:36---------12.95
10:38---------12.22

Advancers 17 Decliners 67
PhP 42.981 vs US$ 1.00

10:39---------11.55
10:42---------11.04----------3526.25

10:44---------14.36
10:47---------15.85
10:48---------16.53
10:49---------17.40
10:51---------17.59
10:55---------19.31
10:58---------19.69
11:05---------20.35
11:12---------21.36---------3515.93

PhP 42.965 vs US$ 1.00

11:20---------20.82
11:31---------18.58
11:32---------17.79
11:35---------16.58
11:41---------15.94

PhP 42.913 vs US$ 1.00

11:47---------17.24
11:50---------14.36
11:53---------12.58
11:57----------9.86---------3527.43 (the day's high)
11:58---------10.74
11:59---------15.59
12:01---------13.10---------3524.19 (+0.37%)
Market Close.

Advancers 32
Decliners 70

The market decline was not as steep as the previous drops when the DJIA suffered triple digit losses. The 3500 level also held as a support.
This could be a signal that the local equities market may be able to decouple with WallStreet.

PhP 42.894 vs US$ 1.00
Value turnover: PhP 3.036 bn
Cross transactions: PhP 1.210 bn
Block Sale: PhP 58,422,000,000 (6 billion shares of EDC at PhP 9.737)

Sectoral Indices.
Services +0.31%
Industrial +0.02%
M-O -0.68%
Property -0.71%
Financial -0.80%
Holdings -1.46%

The Day's Top Gainers:
LIHC: PhP 7.00; +48.94%
PO: PhP 4.30; +14.67%
MED: PhP 0.55; +10.00%

The Day's Biggest Decliners:
PWR: PhP 0.22; -33.33%
ACR: PhP 0.73; -13.10%
FEU: PhP 810.00; -10.00%